MOUNTAIN VIEW, Calif., Aug. 13, 2012 /PRNewswire/ -- Based on its recent analysis of the next-generation diagnostics market, Frost & Sullivan recognizes Rosetta Genomics with the 2012 North American Frost & Sullivan Award for Entrepreneurial Company of the Year. Rosetta Genomics successfully competes in a concentrated market and achieved significant product adoption, while bringing value to both patients and investors.
A recent Frost & Sullivan analysis on the United States cancer biomarkers market confirmed the growing credibility of clinical microRNA biomarkers, as compared to other potential clinical biomarkers, such as circulating tumor cells. Rosetta Genomics was one of the first providers of microRNA-based diagnostics in 2007, and the platform is now clinically validated and featured in 37 peer-reviewed publications. Rosetta Genomics holds a leading patent position in the competitive microRNA diagnostics space. Building upon this foundation, it now has four microRNA-based diagnostic products on the market.
The company's flagship product, the miRview® mets2, has become an indispensible tool for clinicians in the evaluation of their Cancer of Unknown/Uncertain Primary (CUP) patients. The miRview® mets2 assay measures the expression level of 64 microRNA biomarkers, which are then processed by an algorithm composed of two classifiers and a decision-maker that can accurately identify the origin of the patients' tumor for 42 different cancer tissue types, with 85 percent sensitivity and 99 percent specificity. Clinicians use Rosetta Genomics' assay to better diagnose CUP patients and get them on more optimal treatment plans.
"Rosetta Genomics' perfectly executed strategic plan involved a highly differentiated flagship product, continuous clinical validation in peer-reviewed journals and post-marketing studies, and prioritization of crucial relationships," said Frost & Sullivan Research Analyst Winny Tan. "The true testament to the soundness of the company's growth strategy was obtaining critical Medicare coverage and current procedural terminology (CPT) code assignment for the miRview® mets2 test in June 2012."
In addition to its razor-sharp focus on validating and commercializing miRview® mets2, Rosetta Genomics has been continuously pushing the envelope in R&D to create quality products. The company has tried to eliminate growth restraints and re-shifted focus to nourishing productive avenues.
For instance, Rosetta Genomics terminated an exclusive product distribution rights agreement with another commercial laboratory in the United States and opted to strengthen relationships with key contacts within the Medicare Administrative Contractor (MAC). The company's proactive pursuit and attainment of coverage from the local MAC, adjudicating claims for the assay, delivers tremendous value as Medicare reimbursement for eligible beneficiaries is now consistent and streamlined.
"Rosetta Genomics' self-scrutiny followed by corrective action is commendable, as many companies that are not as entrepreneurial fail to address recognized problems," noted Tan. "The company's commitment to good science was clearly communicated in its presentation at the American Society of Clinical Oncology (ASCO) 2012."
As characteristic of highly entrepreneurial companies, Rosetta Genomics executes on creative ideas that lead to growth for the company. Its miRview® meso is a clever product application that reflects the company's "outside-of-the-box" thinking to fill a need in non-traditional markets. By partnering with the legal services firm that processes all mesothelioma lawsuits in the United States, Rosetta's test has the potential to set the gold standard in identifying true mesothelioma cases and reduce false positives, which would otherwise cost defendants and insurance companies about $1.5 million more in payout per case.
Overall, Rosetta has executed on a well-formulated business plan with its miRview® assays and platform in order to generate value for shareholders, physicians and patients. It took the company 2.5 years to reach this point, but it now finds itself on the brink of an exciting market opportunity and on firm financial ground when compared to the market conditions in 2009, making this a true comeback story. For these accomplishments, Frost & Sullivan recognizes Rosetta Genomics with the 2012 Entrepreneurial Company of the Year Award.
Each year, Frost & Sullivan presents this award to the company that has demonstrated entrepreneurial spirit by devising a strong growth strategy and robustly implementing it. The recipient has shown strength in terms of innovation in business processes, leadership in customer value as well as market penetration. In short, the award looks at the emerging market players in the industry and recognizes their best practices that are positioned for future growth excellence.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
About Rosetta Genomics
Rosetta develops and commercializes a full range of microRNA-based molecular diagnostics. Founded in 2000, Rosetta's integrative research platform combining bioinformatics and state-of-the-art laboratory processes has led to the discovery of hundreds of biologically validated novel human microRNAs. Building on its strong patent position and proprietary platform technologies, Rosetta is working on the application of these technologies in the development and commercialization of a full range of microRNA-based diagnostic tools. Rosetta's miRview® product line is commercially available through its Philadelphia-based CAP-accredited, CLIA-certified lab.
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